How it works
When a STAK owns the shares of a company, the people who put in the money have certificates. The certificate holder receives the dividend on the share. When the company is sold, the holder also receives the price for the share. The STAK keeps the vote at the shareholder meeting.
The company can cooperate in issuing the certificates. The holder then has meeting rights. These are an invitation to the shareholder meeting and the right to speak. If the STAK issues certificates on its own initiative, the holder has only the economic rights.
The administration conditions of the STAK contain the rules for three things. These are the transfer of certificates, a holder who leaves and the appointment of the STAK board. For employee participation, the conditions usually include a rule that a leaver offers the certificates back at a set price.
For income tax, a certificate holder with 5% or more of the certificates has a substantial interest. Like a shareholder, the holder pays box 2 tax on dividend and gains. A holding company can also hold certificates and use the participation exemption.
Example
A sales director has certificates for 4% of the company through the STAK. The company pays €500,000 dividend, and she receives €20,000. Under the conditions, she must offer the certificates to the STAK at the value set by the accountant when she leaves.
The figures
Every rate for 2026 is listed in Netherlands tax rates 2026, and the figures for 2027 are in Netherlands tax rates 2027.
Questions people ask
Are certificates the same as shares?
The holder of a certificate has the economic rights of the shares. With the cooperation of the company, the holder also has meeting rights. The STAK board keeps the vote. Owners use certificates because of this difference.
Can a foreign investor hold certificates?
Yes. The STAK records the holder. The holder’s own country taxes the dividend under its own rules and the tax treaty. Dutch dividend tax is withheld at the treaty rate.
Holdwise, Hoofddorp. We keep this definition in line with our Dutch and German glossaries, and the figures are those for the tax year 2026. Updated 30 September 2026.
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